WASHINGTON--(BUSINESS WIRE)--Today, the Biotechnology Industry Organization (BIO) applauds Reps. John Carney (D-DE), Sean Duffy (R-WI), Mike Quigley (D-IL), and Ander Crenshaw (R-FL) for introducing H.R. 3784, the SEC Small Business Advocate Act, which would ensure that growing companies have a strong, independent voice at the Securities and Exchange Commission (SEC).
This important legislation would establish an Office of the Small Business Advocate at the SEC in order to facilitate small business capital formation and ensure that the SEC takes into account the impact of regulatory burdens on growing companies as it considers new compliance requirements. The Office also would organize and support the SEC Advisory Committee on Small & Emerging Companies and the SEC Government-Business Forum on Small Business Capital Formation. These two groups convene private sector stakeholders to formulate policy recommendations that would support small business growth. BIO has long supported the work of these groups, both of which endorsed the policy ideas that eventually became the Jumpstart Our Business Startups (JOBS) Act. To date, the JOBS Act has stimulated more than 170 biotech IPOs. The proposed Office of the Small Business Advocate will further incorporate small business innovators into the policymaking process at the SEC and enable the SEC to keep emerging company policy concerns at the forefront of its regulatory decisions.
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